Splurging $30,000 for tickets to a sporting event in the first year of winning a jackpot of this magnitude is stupid and will set the tone for failure to manage your money in the long run. I do agree with everything else such as taking care of your kids and hiring a team to help you come up with a longterm plan. Also, saying No to everyone begging you for money is great advice. I'd hire security to watch my back for a while.
You have to realize that your chances of winning this thing are almost impossible. Don't get your undies in a bundle because tomorrow you will probably just be a few more dollars poorer.
This has become the new American Dream. Before Reaganomics the dream was to get a good education, work hard, get a good job that had a secure retirement. Now we are reduced to a dream of striking it rich. So sad for us. So really, really sad for our kids.
I am not at all unrealistic about a lottery ticket being a winner because I don't COUNT ON IT! It's a fun purchase that will probably never pay off (this from someone who once one a progressive slot machine payout) but the anticipation and thinking, "what would I buy?" and "what would I get for so-and-so" is really fun to do. Actually the first thing I'd do? Pay off my student loans!
First of all, I would probably never play the lottery in the first place. Second, if I did play and somehow won, I would be wary about investing, especially while I don't know anything about it. I might use the money instead to support my family and pay for college while I go back to school to get an MBA (with a focus on finance?); then I could be my own stock broker and succeed or fail by my own hand.
Seriously though, you need to be super careful picking attorneys and financial advisers, many financial advisers have poor records, and charge huge fees. For the amount of money I invest and save, I would never use one but at 250 million you have to have help, there's too much money, too much tax liability, etc. I would think you go with a smaller team to lay out some framework, and build on that.
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by Founders-1791 March 30, 2012 3:49 PM EDT
Nope. Not pissed, not a lib.
Crass? Probably.
Classless? Never.
Did I offend you somehow, get things backwards?
You wanted to catch a whiff of Todd while $arah took pictures
perhaps?
by Founders-1791 March 29, 2012 8:53 PM EDT
You go Founders. For that kind of money $arah might let you catch
a whiff of it while Todd holds the camera.
Seriously though, you need to be super careful picking attorneys and financial advisers, many financial advisers have poor records, and charge huge fees. For the amount of money I invest and save, I would never use one but at 250 million you have to have help, there's too much money, too much tax liability, etc. I would think you go with a smaller team to lay out some framework, and build on that.